Government MPs have scuppered key changes to the Pensions Bill passed a day earlier by the House of Lords, which would have forced the government to scrap the rule forcing pensioners to purchase and annuity at age 75.
The current law requires pensioners to use least three quarters of their pension savings to buy an annuity by the age of 75. Any hope gained at the third and final reading of the Lords on Monday when peers voted by a clear majority of 198 votes to 144 in favour of a clause led by Lord Higgins (C) and Lord Oaskhott (Lib Dem), were nullified yesterday afternoon as the Government blocked the proposed amendment at the House of Commons by 292 to 203 votes. With the Bill returning for further debate today in the House of Lords it is no secret that ministers and MPs are in a race against time ...
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